Key Takeaways
- Michael Saylor shared “Back to work, BTC” on X on May 10, indicating an upcoming Bitcoin acquisition
- The company suspended its Bitcoin purchases for one week surrounding its May 5 Q1 2026 earnings report
- During Q1 earnings, Saylor revealed Strategy might occasionally liquidate minor BTC amounts for dividend funding — marking a departure from its historical hold-forever policy
- The firm’s Bitcoin treasury contains 818,334 BTC purchased at an average price of $75,537, valued at roughly $66.15 billion today
- CEO Phong Le emphasized any BTC sales would be minimal and inconsequential to market dynamics, noting Bitcoin’s daily trading volume exceeds $60B
Michael Saylor of Strategy seems poised to resume Bitcoin acquisitions. On May 10, he shared “Back to work, BTC” on X, accompanied by the company’s recognizable “Orange Dots” visualization — a post style that has consistently foreshadowed purchase announcements.
Historical patterns suggest an official acquisition announcement could arrive as soon as May 11.
The company’s buying hiatus spanned one week, strategically positioned around Strategy’s May 5 Q1 2026 earnings announcement. That particular earnings call generated considerable discussion.
Saylor stated during the presentation that Strategy would “probably sell some Bitcoin to fund a dividend, just to inoculate the market.” This marked a significant shift from the firm’s established never-sell Bitcoin philosophy.
Before this pause, Strategy’s latest acquisition occurred on April 27, purchasing 3,273 BTC for approximately $255 million at $77,906 per coin. This transaction elevated total holdings to 818,334 BTC.
Currently, Strategy’s Bitcoin holdings are valued at around $66.15 billion, with an average acquisition cost of $75,537 per BTC — representing approximately a 7.6% gain on the position.
Divided Opinions Within the Bitcoin Community
The dividend-funding sale strategy generated varied responses across the Bitcoin community. Strategy shareholder Adam Livingston contended that strategic periodic sales would benefit the treasury over time, providing capital for additional BTC acquisitions.
Bitcoin proponent Samson Mow noted that maintaining the option to sell provides Strategy with enhanced flexibility in capital markets.
However, critics voiced stronger concerns. Some community members warned the approach could trigger a “doom loop,” where selling BTC to fund credit instrument dividends creates downward pressure on Bitcoin’s spot price.
CEO Phong Le rejected this characterization. He informed CNBC that Strategy’s trading activity doesn’t significantly influence Bitcoin’s market price.
Leadership Dismisses Market Impact Concerns
Le highlighted that Bitcoin experiences over $60 billion in daily trading activity. Strategy’s annual dividend commitments related to credit products amount to approximately $1.5 billion — representing just a small fraction of daily volume.
“I don’t think we’re driving the price up or down,” Le stated.
He further specified that Bitcoin sales would only occur under particular circumstances: satisfying dividend obligations and managing tax deferrals.
Strategy generated approximately $82 million through an MSTR at-the-market equity offering prior to the earnings-related pause. While that amount could have funded roughly 1,000 BTC at prevailing prices, the company refrained from making any purchase.
The April 27 acquisition — involving 3,273 BTC — represented a considerable deceleration from the $2.54 billion purchase executed on April 20. Strategy had been aggressively accumulating Bitcoin throughout April, and market observers had already detected the slowdown before the formal pause.
Strategy currently controls approximately 4% of Bitcoin’s circulating supply.
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